On November 30th, Macquarie released a report saying that 0973.HK, with its expanding product portfolio and flexible channel strategy, believes that it is expected to achieve an improvement in structural gross profit margin, and is optimistic about the company's goal of reaching a gross profit margin of more than 15% for the whole year. It raised its profit forecasts for fiscal years 2022 and 2023 by 13 per cent and 8.8 per cent, respectively. Reiterate Oshudan's "outperform" rating, raising the target price from HK $33.1 to HK $38. The bank also pointed out that Oshudan's acquisition of 83 per cent indirect stake in Sol de Janeiro, which accounts for 65 per cent of its sales from e-commerce, should help Oshudan enter new markets quickly, and Sol de Janeiro can also use Oshudan's global distribution network to expand offline. It is expected that the addition of Sol de Janeiro will help Oshudan expand its young customer base and increase its layout in North America.